Seattle’s booming economy has worsened an acute housing shortage.
In response, the city council recently passed a new tax that will impose a levy on companies with annual revenues of $20 million of about $275 per full-time employee every year. The new so-called “Amazon tax” takes effect in January 2019, and is expected to raise almost $45 million a year for five years.
Roughly 60% of the revenue will help fund new affordable housing, and 40% will go toward emergency services for the homeless. Seattle leads the nation in crane count for major U.S. metros, but the new tax may throw cold water on the hot construction market.
The city is coping with a growing homeless population, and many supporters of the head tax argue that the growth of tech companies like Amazon has contributed to the problem. Highly paid tech workers have been buying homes at a rapid pace, with prices rising quickly.
Related Stories
Codes and Standards | Nov 11, 2019
New retrofit design guide for metal roofing published
Metal Construction Association document provides best practices for re-roofing with metal.
Codes and Standards | Nov 8, 2019
New York City among the top hotel construction pipelines in the United States
Hotels presently under construction are at 102 projects/17,504 rooms.
Codes and Standards | Nov 7, 2019
Group focused on using AI for construction safety gains key members
Major contractors join partnership to share data to predict hazards, incidents.
Codes and Standards | Nov 6, 2019
Undisclosed ICC agreement with NAHB alleged to thwart more stringent efficiency codes
Homebuilders’ seats on ICC made it easier to block new provisions, report alleges.
Codes and Standards | Nov 4, 2019
ASHRAE releases new version of energy efficiency standard for buildings
Standard 90.1 includes revisions of envelope, lighting, HVAC provisions.
Codes and Standards | Nov 1, 2019
Resiliency of a community’s housing stock can be measured according to new benchmark
Metric can help municipalities prepare for disasters.
Codes and Standards | Oct 31, 2019
FEMA, ICC release updated guide on integrating I-Codes into floodplain management regulations
Provides advice on satisfying requirements for the National Flood Insurance Program.
Codes and Standards | Oct 30, 2019
ILFI releases new version of Living Building Challenge Framework for Affordable Housing
Document includes updated findings, case studies, new strategies for financing, designing, building affordable housing.
Codes and Standards | Oct 28, 2019
U.S. military demands landlords address health hazards in troop housing
Air Force threatens formal dispute process.
Codes and Standards | Oct 24, 2019
ASHRAE design contest winners demonstrate building resilience
Model building, a city hall, could operate without utility service for two weeks.